Strike Two!

Another GOP debate, another missed opportunity.

Despite the three-hour CNN debate format last week, none of the Republican presidential hopefuls took a swing at Janet Yellen and the Federal Reserve.

Although the debate took place the evening before the Fed decided to maintain its zero-interest-rate policy (ZIRP), the disaster that is the Fed remained a subject apparently unworthy of discussion.

Now I realize that the CNN moderator was unlikely to steer candidates into a discussion of the Federal Reserve's manipulation of interest rates and pursuit of "unconventional" monetary policy, but that doesn't stop the candidate looking to set him- or herself apart from the competition by bringing up the topic.

As I discussed in a previous post, this is an issue just begging to be addressed.

As a professional investor who is essentially required to pay attention to most utterances of voting members of the Federal Reserve's Open Market Committee (unfortunately), I am beginning to sense that even more people are finally catching on that the Fed has absolutely no idea what it is doing.  The Fed brass and countless bevy of nameless, faceless Ph.Ds who wallow away in obscurity producing academic studies in Washington, D.C. and the various Fed branches around the country simply will not acknowledge that their models of how the economy functions are utterly worthless.

This is a good sign. As I have stated before, the general public senses something is very wrong with the Fed's conduct of monetary policy. Now if only one of the candidates will be bold enough to take it on.

Of course, I am not the only one writing about the missed opportunity of GOP presidential candidates to highlight destructive Fed policy. Larry Kudlow does so here.

In an excellent "Fact and Comment" essay on Forbes.com, Steve Forbes discusses why the economy will continue to suffer under current Fed policy here.